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EUR/USD: lack of bottom;  rallies another sale – BofA

Bank of America Global Research discusses the technical outlook for EUR/USD on the daily chart.

“Our base case for the year ahead was that the euro could see the 1.08s and that would be a great place for a bottom to form. rallied to 1.1180. Then it fell back to 1.08 in mid-April but could not hold. The break down led to test the 2017 lows at 1.0341. Tactically, the euro is showing some support here due to the alignment of two trend lines,” notes BofA.

We lack low or bullish signals at this point to say that the euro will turn significantly higher. Until we do, we assume a rally will be sold. An optimistic scenario would be a rally to retest the line at 1.08 which was support and turns into resistance. Notable resistance for a rebound at around 1.0650“, adds BofA.

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